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Construction : Web Exclusive | November 2017 | Source : CW-India

Gurgaon’s oldest iconic landmark gets a makeover

Milestone Ventures, NCR’s leading developers, has announced the re-launch of Gurgaon’s oldest, iconic landmark – 32nd Milestone, now known as 32nd Avenue. The developer has appointed CBRE South Asia as the strategic leasing and marketing partner to reinvent the property as a specially curated one-of-a-kind high-street, offering a range of F&B brands. Spread across 0.15 million sq ft (1.5 lakh), 32nd Avenue will house a total of 35 premium restaurants, of which 15 will be open in the first phase of the development by Mid-December. The Avenue will be located within 32nd Village, which is 2 million sq ft of commercial (office) retail and hospitality spaces including Signature Towers 2, Signature Towers 3, Milestone Experion Center, Galaxy Hotel and Mall, and a free-standing convention facility.

As the leading retail destination of NCR, Gurgaon has grown to offer 0.5 million sq ft (5 lakh) of F&B catchment over the past three years. This figure is projected to expand by an additional 0.2 million sq ft by 2019, adopting interesting yet distinctive F&B formats catering to the entire NCR population. Speaking at the launch, Dhruv Sharma, CEO, Milestone Ventures, said, “While most destinations (including malls and hubs) collectively have retail and F&B options, what differentiates 32nd Avenue is its ability to be a common point for different audiences seeking unconventional dining experiences, distinguished retail therapy and new workspace concepts like co-working. Building on the iconic status that 32nd Milestone has among the older generation, we look to reach out to the younger and more informed workforce present here as well and build new memories that will go the distance.”

As the strategic advisor for the project, Rajat Gupta, Managing Director, Advisory & Transaction Services, India for CBRE South Asia, shared his perspective on the role of real estate in addressing the potential of a property. “The F&B retail space has evolved significantly during the past few years with segments like fashion and F&B garnering a larger share. The overall focus for retail is of providing experiences; every space needs to cater to a larger audience and be able to provide more than just what it was built for and we believe 32nd Avenue does that. It provides a space that gives customers a unique location housing the best food brands while providing a world class ambience. All this is aimed at bringing back the customer to the space time and again.”  

Drawing from its iconic status as a social space, the refurbished property promises to provide a whole new experience to the retail consumer. The property stands out for its quaint, distinctive charm through its unique Brownstone inspired architecture, lending a vintage feel. The foundation has drawn heavily on the skills of local Indian master craftsmen in the areas of stone carving, wood detailing, cast iron and intricate plaster molding, which are not seen too often in modern structures.


 
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